Fuel Prices to Drop by 42 Agorot This Weekend

The Ministry of Energy and Infrastructure announced on Thursday that fuel prices will decrease by 42 agorot starting midnight between Saturday and Sunday, setting the new price at 7.35 shekels per liter. The ministry also warned that if a related decree is not renewed, the current price cap will expire, and as of November 5, the maximum price for a liter of fuel will rise to 8.35 shekels. The additional charge for full service will remain unchanged at 26 agorot per liter, including VAT.

This price reduction comes as the government is working to extend decrees previously implemented by the Minister of Finance, Bezalel Smotrich, to lower fuel taxes. These decrees, signed in the two months preceding the elections, are set to expire on November 4. Without their extension, fuel prices are expected to jump by one shekel per liter, in addition to the anticipated increase this coming weekend. The Minister of Finance's office began efforts to extend these decrees, which represent a monthly tax revenue loss of approximately 300 million shekels. This move is expected to be legally permissible as it occurs after the elections.

Earlier this month, fuel prices were reduced by half a shekel to 7.77 shekels per liter due to a decree signed by the Minister of Finance. That decree resulted in a tax revenue loss of 150 million shekels, despite warnings from the professional echelon at the Ministry of Finance about budgetary shortages.